29.08.2008. Emergency location capacitated
Podgorica, (MINA-BUSINESS) - NLB Montenegrobanka is the first Montenegrin company that has capacitated an emergency location which should enable the continuity of its business activities in emergency situations, this financial institution announced today.
NLB Montenegrobanka has capacitated the emergency location within its Niksic branch.
“In this way, full security and consistency of client-related financial data will be enabled, as well as the establishment of the business processes and services provided by the bank”, it is said in the press release of NLB Montenegrobanka.
The location has the most sophisticated information, telecommunication and safety equipment in line with the standards prescribed by the legislation applying to the financial sector, as well as the internal NLB Group standards.
29.08.2008. Inflation rate 5.3 percent
Podgorica, (MINA-BUSINESS) – The inflation rate in Montenegro, determined using the consumer price index, amounted to 5.3 percent in the first six months of this year, and the estimated growth of the gross domestic product (GDP) is 8 percent, it is said in the Report of the Chief Economist of the Central Bank of Montenegro.
Such a GDP growth shows that Montenegro is among the countries in transition with the fastest growing economies in Europe, announced the Central Bank of Montenegro, whose Council adopted today the Report of the Chief Economist for the first six months.
The inflation rate in Montenegro, which was at the average European level, has not affected relatively high GDP growth and the employment trends.
“The increase in inflation was mainly caused by the external factors, primarily by higher prices of agricultural products, foodstuffs and fuel on the world market, as well as by the increase in the electricity price”, the Central Bank explained.
This financial institution believes that the certain internal factors have also affected the inflation rate, more specifically the abuse of market position by a part of traders and producers.
28.08.2008. Dislocation of the River Cehotina by end of October
Pljevlja, (MINA-BUSINESS) – The activities on dislocation of the River Cehotina, which should be finished by the end of October, are in the final phase, the Pljevlja-based Coalmine announced today.
”The River Cehotina will be temporarily dislocated for the period of 20 to 25 year, to make place for the exploitation of 45 million tons of coal”, the head of the Coalmine Investment Service Milan Knezevic told Mina-business agency.
He reminded that, after the relocation of the river back to its original bed, the exploitation of another 20 million tons of coal would continue.
“The dislocation of the River Cehotina, including works, costs of the construction site planning and organisation, and expropriation, will cost over €30 million”, Knezevic said.
He specified that the value of works was over €20 million, and that €9 million had been spent for the expropriation, and another €5 to 6 million for the construction site planning and organisation.
28.08.2008. Contract with Mercer condition for abandoning strike plans
Podgorica, (MINABUSINESS) – The employees of the Joint Maintenance Department of the Aluminium Plant of Podgorica will not strike if a contract is signed with the international consultancy company Mercer on the development of project on the analysis of jobs in the company, the trade union of this department announced.
“The management has announced the arrival of the Mercer representatives by the end of the month. If they sign the contract, stipulating the evaluation of jobs by the end of the year, we will abandon our plans to go on strike”, the president of the trade union of Joint Maintenance Department, Radomir Toskovic, told Mina-business agency.
Otherwise, he added, the workers of this department will organise the announced strike on 8 September, according to the earlier plans.
“In compliance with the previous Labour Law, we have announced the strike 20 days in advance. We have informed the employer and competent public authorities about that”, Toskovic said.
27.08.2008. Unemployment continues to fall
Podgorica, (MINA-BUSINESS) – Unemployment rate in Montenegro fell this week from 10.65 to 10.60 percent, the Employment Bureau announced.
According to the Bureau’s statistics, at the same period last year the unemployment rate was 12 percent. The highest unemployment, of 32.7 percent, was registered in July 2000.
Since the beginning of the year, the Bureau recorded 28,950 newly employed persons, as well as 1.400 trainees.
This year, the number of non-residents employed in the country is 54.95 percent higher than at the same period year, reaching the figure of 86,200.
27.08.2008. €13.1 million refunded
Podgorica, (MINA-BUSINESS) – Having processed 133 refund applications, the Montenegrin Tax Directorate refunded approximately €13.1 million worth of VAT in July, nearly a quarter of which was earmarked for other taxes due.
This July, the Tax Directorate received 117 applications for VAT refund and earmarking of tax credit for other liabilities, claiming approximately €10.5 million in tax refund.
Since April 2003, when VAT was first introduced, the Tax Directorate has received 5,780 refund applications, handling nearly 99 percent of them. Based on the applications processed, taxpayers have been refunded €325.99 million.
Approximately 23.5 percent of the claimed refund has been earmarked for other taxes due.
Another 50 applications require inspection, after which they may be either granted or fully or partly rejected.
27.08.2008. Three companies obtain tender documents
Podgorica, (MINA-BUSINESS) – Tender documents for the acquisition of the total share capital of Duvankomerc, the property of Podgorica Tobacco Plant, have so far been obtained by Croatian company Agrokor and Podgorica-based Roksped and Bar Kod, the Government announced.
The Agency for Economic Restructuring and Foreign Investment launched an invitation to tender for the acquisition of the total share capital of Duvankomerce on 30 July.
The invitation to tender is open both to domestic and foreign companies, including consortia, provided they pay €5,000 for tender documents and sign a confidentiality agreement.
Companies eligible to submit their bids are those involved in tobacco wholesale for the past three fiscal years, with last year’s revenues of at least €19 million.
Also eligible are financial investors, registered for no less than three years, including investment companies, banks, joint investment funds, insurance companies and pension funds, with total assets above €50 million. Their last year’s revenues need to exceed €15 million.
26.08.2008. Objections to be lodged by December 10th
Podgorica, (MINA-BUSINESS) – The public debate on draft laws amending regulations on administrative taxes and excise duties will continue until 10th December, the Finance Ministry announced today.
If adopted the amendments to the Law on Administrative Taxes will cancel the weight tax on imports of oil products of €1 per ton.
The Ministry recently announced that, due to the rising prices of oil on the world market, they would recommend the Government to cancel all existing taxes on fuel, apart from VAT and excise duties.
The Ministry proposes the cancellation of weight tax and environmental tax through the amendments to the Law on Administrative Taxes, taking into account the fact that the environmental vignette has been introduced.
The Ministry underlines that Montenegro’s VAT rate is among the lowest in the region, Croatia’s VAT rate being 22 percent, Serbia’s 10 percent and Slovenia’s 20 percent.
“In addition, Montenegro has the lowest excise duties on oil and oil products, lower than anywhere in the European Union. Changing these parameters would do more harm than good, because excise duties are directly related to fuel consumption in Montenegro, which was 40 percent higher in the first half of the year compared to the same period last year”, the Finance Ministry announced in mid-August.
26.08.2008. Tenders for another four sites expected soon
Podgorica, (MINA-BUSINESS) – The invitation to tender for tourism exploitation of former military sites of the Kumbor Orijen Battalion, Bigovo, Vladanos and Ostrvo Cvijeca will soon be published, the Montenegrin Government announced today.
Several dozens of reputable local and international companies have expressed their interest through prequalification tendering.
The Government recently announced that there was a lot of interest in those sites, which indicated that the coming period would see projects that would revive Montenegro’s tourist industry and affect the country’s general economic climate.
The Government intends to rent those sites or enter into joint venture arrangements with the best bidders.
A prequalification bid for Kumbor has been submitted by a consortium comprising Black Mountain Resort and a group of companies including Bendinat Property Group, Lousada PLC, YOO, Atelier CBG and Studio K, IC.tp. British company Crossroads Capital has also submitted a bid.
A consortium from the United Arab Emirates consisting of Bloom International Properties, International Investment Company and the National Joint Stock Company registered in Abu Dhabi has expressed interest in Orijent Battalion. Another bid has been made from the same country, by a company called Saraya Holdings.
26.08.2008. Determined to build motorway
Podgorica, (MINA-BUSINESS) – Nothing can make the Montenegrin Government abandon the idea of building Bar-Boljare motorway, Minister of Transport, Maritime Affairs and Telecommunications Andrija Lompar announced today.
“When feasibility studies were being drafted, the so-called newborn traffic, i.e. the traffic that would be generated after the construction of the new roads, was not taken into consideration in traffic prognoses, so there will be not changes to estimation parameters”, he told a press conference following the consultative meeting with representatives of six companies and consortia which have met the requirements of the prequalification tender for the construction of the motorway.
He added that the prospective concessionaires had not raised the issue of Serbia’s potential decision to abandon the construction of the motorway to Montenegro.
The media recently reported that the Serbian Government had cancelled a concession agreement with Alpine Por for Horgos – Pozega Motorway. This section of the motorway is running from Hungary, through Serbia and northern Montenegro to Bar, i.e. the intersection with the future Adriatic-Ionian Motorway.
Lompar said that the decision of the Serbian Government whether they would build the motorway to Montenegro was still uncertain, adding that it would be the subject of his talks with his Serbian colleagues next month.
“Serbia is not sending a message that it has given up. They are saying that the building of the section from Belgrade to Pozega might take place in two years’ time”, Lompar argues. “Whatever the case may be, we will not give up on building the sections that have been proven by feasibility studies as cost-effective and for which we can find a partner under certain conditions”.
26.08.2008. Vukasinovic: Electrical filters are never shut off
Pljevlja, (MINA–BUSINESS) – The electrical filters of the Pljevlja Thermal Power Plant are never shut off, because that might lead to catastrophic consequences, company director Slavko Vukasinovic announced today.
“If electrical filters didn’t work for 20 minutes, that would be a real disaster”, Vukasinovic said.
The Pljevlja Thermal Power Plant burns 250 tons of coal per hour, releasing 70 tons of ashes.
“It is impossible for the plant to work when filters are not in operation”, Vukasinovic explained, denying allegations that the filters were shut off in the evening.
He underlined that 25 years ago when the plant was put into operation the existing electrical filters were state-of-the-art technology.
26.08.2008. Consultative meeting starts tomorrow
Podgorica, (MINA-BUSINESS) – The Ministry of Transport, Maritime Affairs and Telecommunications will hold consultative meetings tomorrow and on Tuesday, attended by representatives of six companies and consortia which have met the prequalification requirements for the construction contract for Bar-Boljare Motorway, international advisers and investors.
The Transport Ministry told Mina-Business that the purpose of the meeting was to prepare better tender documentation.
The meeting will discuss the model of public-private partnership, criteria, evaluation and the costs to be assumed by the state and the future partner, such as expropriation, environmental protection, highway management and maintenance and acquisition of building permits.
13.08.2008. Old information in the report
London, (MINA-BUSINESS) – The information contained in the report of the international credit rating agency Standard and Poor’s is old and the Ministry of Finance has already commented on that, this Ministry announced today.
“This agency will come to its regular visit to Montenegro in late September, when new analyses of the country’s credit rating level will be made”, the Ministry of Finance told Mina-business agency.
Standard & Poor’s has included Montenegro in Group 9 that reflects a high level of economic and credit risk, according to its banking industry country risk assessment (BICRA). The report was published on 8 August on the web site of this agency.
BICRA (Banking Industry Country Risk Assessment) rating reflects the strengths and weaknesses in the banking systems of several countries. According to this index, the countries are divided into ten groups, the most reliable banking systems being in group 1 and the weakest in group 10.
According to the S&P analysts, the risk has increased in Montenegro because of a drastic credit growth in the last three years, as well as because of a bad financial profile of Montenegrin banks. The S&P ranking of Montenegro will influence the political climate in the country as well as the benefits it gets from the dominant position of several large banks from Central and Eastern Europe.
13.08.2008. Over 1.2 million users
Podgorica, (MINA-BUSINESS) – At the en of June, there were over 1.22 million mobile telephony users, which is 63 percent more than in the same month last year.
The coverage rate of the mobile telephony market of Montenegro amounted to 197.6 percent at the end of May, it is said in the report of the Agency for Telecommunications and Postal Service.
According to the report that Mina-business agency obtained from a mobile operator, most mobile telephony users, around 79.5 percent of them, still pay their telephone bills in advance, while the rest pay their bills on a monthly basis.
The market share of Promonte was slightly lower than last month, amounting to 43.26 percent, as well as the one of T-mobile, which amounted to 32.17 percent, while m:tel improved its position on the market by over one percent, with 24.57 percent of the market share.
13.08.2008. Vukasinovic: Unrealistic time frame for construction of second block
Pljevlja, (MINA–BUSINESS) – The time frame foreseen for the construction of the second block of the Thermo Power Plant Pljevlja by 2012 is not realistic, since it cannot be finished before 2015, said the Director of this company Slavko Vukasinovic.
He claims that the deadline set by the Energy Development Strategy of Montenegro for 2012 could not be met.
“It is good that the development of concept design started, and that the feasibility study for the construction of the second block of the Thermo Power Plant Pljevlja is under way, but we waited for them too long”, Vukasinovic estimated.
He reminded that Montenegro had the electricity deficit of 30 percent, which could be most efficiently solved by the construction of the second block of the thermo power plant.
According to him, an additional advantage of the construction of the second block is in the fact that there is a greater part of the necessary infrastructure in the immediate vicinity of the existing generator.
According to the preliminary estimates, the construction of the second block of the thermo power plant would cost at least €175 million, and it would take three years.
13.08.2008. Montenegro is a country with high economic risk
London, (MINA-BUSINESS) – International credit rating agency Standard & Poor’s has included Montenegro in Group 9 that reflects a high level of economic and credit risk, according to its banking industry country risk assessment (BICRA).
BICRA (Banking Industry Country Risk Assessment) rating reflects the strengths and weaknesses in the banking systems of several countries. According to this index, the countries are divided into ten groups, the most reliable banking systems being in group 1 and the weakest in group 10.
According to the S&P analysts, the risk has increased in Montenegro because of a drastic credit growth in the last three years, as well as because of a bad financial profile of Montenegrin banks.
The S&P ranking of Montenegro will influence the political climate in the country as well as the benefits it gets from the dominant position of several large banks from Central and Eastern Europe.
Other countries included in Group 9 are Nigeria, Costa Rica, Guatemala, Lebanon and Vietnam.
“Montenegro is ahead of Ukraine, which is in Group 10, but behind Kazakhstan in Group 8 and it is one of the countries with the highest risk in the South East Europe”, Standard & Poor’s
07.08.2008. Montenegro on the world’s most influential TV channels
Podgorica, (MINA-BUSINESS) – The well-known British production company, Pilot Film and Television Productions LTD, will produce stories about some of the most beautiful places in Montenegro, to be broadcast on the most influential television channels in the world.
The National Tourism Organization of Montenegro announced that the stories on Montenegro would be broadcast as a part of the Globe Trekker and the Treks in a Wild World serials.
This series of educational and tourist information documentaries shows beauty and diversity of countries, both traditional and contemporary culture of every place, and encourage tourists to explore different parts of the world.
The National Tourism Organization said that the producers of this serial had visited last month some locations in Montenegro, as well as that they decided to film some of the most beautiful places of Montenegro, making videos about diving, biking, trekking and rafting.
“The stories will focus on the promotion of the hinterlands of Montenegro”, it is said in the press release.
In the previous several days, the British TV crew was filming the diving in the Bay of Kotor, and mountain biking on Mount Sinjajevina.
07.08.2008. Turnover of coastal restaurants lower by up to 20 percent
Podgorica, (MINA-BUSINESS) – This season, the turnover of restaurants on the Montenegrin coast is up to 20 percent lower than during the last one, and according to the owners, the main reasons for that are higher prices of services and undeveloped infrastructure.
A restaurant owner from Budva Krsto Niklanovic said that the number of guests in Budva was the same as last year, but the profit was lower due to high prices.
“Fish, other foodstuffs and drinks are more expensive than last year. It seems that the purchase price will soon catch up with the selling price, and additional increase in the price of service would be a disaster”, Niklanovic told Mina-business agency.
He says that all restaurants have the same problem, and their business is made more difficult by certain allegations in the media related to the food safety in the restaurants.
According to Niklanovic, the inspection controls should be intensified, because the rules valid for all restaurants must be observed.
05.08.2008. New increase in prices possible because of the blocked bank account
Niksic, (MINA-BUSINESS) – Montenegrin Electric Enterprise warned today that it could request another correction of the electricity prices for citizens, since the Municipality of Niksic had blocked its bank account for the third time, in order to collect the rent for the used land.
The press release says that the electricity supply could be more difficult during the tourist season, and that there could be certain delays in the implementation of important projects, as well as the restrictions in the supply.
This company reminded that the existing electricity price included only a part of the taxes that used to be paid last year, and that it did not include €8 million requested by Niksic Municipality.
The Municipality of Niksic wants the Electric Enterprise to pay the rent for the use of the land covered with water, namely the surface of the lakes Krupac, Slano and Vrtac.
The dispute has been brought before the Constitutional Court.
04.08.2008. American investors interested in Montenegro
Podgorica, (MINA-BUSINESS) – American investors are very interested in investing in Montenegro since it has a lot to offer, the US Ambassador to Montenegro Roderick Moore estimated today.
“It is a small, politically stable country with many advantages. It has a beautiful coast, which is a great source of revenues, it used to have minor war traumas coming from the nearest surroundings and a more favourable political climate than many of its neighbours”, Moore said in his interview for CG Ekonomist.
He added that the American business was present in Montenegro, as well as that some of the world’s biggest corporations, coming from the United States, had their offices in Podgorica and other Montenegrin cities.
“There is an initiative to establish the American Chamber of Commerce in Montenegro, which would be an important step, both in symbolic and practical terms, for the improvement of economic connections”, Moore announced.
He said that he would like to see at least one big American investment, which could be a magnet for other investments.
04.08.2008. €26.5 million for bottlenecks
Podgorica, (MINA-BUSINESS) – The Montenegrin Ministry of Transportation, Maritime Affairs and Telecommunications will implement, in the forthcoming period, five projects aimed at the elimination of bottlenecks in the transport network, including the construction of bypasses around Niksic, Berane, Rozaje, Bijelo Polje, and Kolasin.
The amount of €26.5 million will be allocated for the planned projects to be implemented within the government’s programme of elimination of bottlenecks by the end of the next year.
The Ministry announced that a bypass around Bijelo Polje was a state priority, which should eliminate the bottleneck in the centre of the town along the most important road from north to south.
All projects will be implemented by the Ministry of Transportation, in cooperation with the Transportation Directorate and local authorities.
The programme for elimination of bottlenecks in the transport network includes 17 projects, encompassing the construction of slow lanes, dislocation of highways and regional roads from the city centres by construction of the bypasses. Five projects from this programme have already been implemented.
01.08.2008. Programme for reduction of regional differences
Podgorica, (MINA-BUSINESS) – The programme of state aid and the assistance in the stimulation of employment in Montenegro, with the focus on northern region and vulnerable social categories, adopted today by the Government, should contribute to the reduction of regional risks and development of undeveloped municipalities.
“In addition to the development of small and medium-sized business, and stimulation of employment, it is our intention to influence regional development”, the Deputy Prime Minister Vujica Lazovic said after the cabinet meeting.
He added that the Government expected that the effects of the Programme, aimed primarily at the municipalities in the north of Montenegro, would be visible in the following three to four months.
The Programme includes a set of measures and mechanisms focusing of the approval of favourable credits for the small and medium-sized business sector, as well as self employment in the undeveloped municipalities, which will be managed by the Employment Bureau, the Directorate for Development of Small and Medium-sized Enterprises, the Development Fund and line ministries.
01.08.2008. Basileus changed name to Finativa broker
Podgorica, (MINA-BUSINESS) – Brokerage company Basileus, which purchases, on behalf of the Government, bonds of the old foreign currency savings due in 2016 and 2017, has changed its name to Finativa broker.
The representatives of this brokerage company remind that they had signed contract with the Ministry of Finance, on the early purchase of bonds of the old foreign currency savings of citizens due in 2017 and 2018, at the price of 50 cents.
The citizens interested in selling bonds should contact Finativa broker with the evidence of ownership over the securities, issued by the Central Depository Agency, and sign a sales contract with this company.
On 20 March, the Government of Montenegro adopted the decision on purchase of bonds of the old foreign currency savings of citizens due in 2017 and 2018, at the price not higher than 50 cents per bond.